Cycling

Lance: Firm wants R65m back

2012-10-22 22:22
Lance Armstrong (AP)

Los Angeles - Dallas insurance company SCA Promotions is demanding the return of millions of dollars in bonuses paid to Lance Armstrong now that the shamed cyclist's Tour de France victories have been expunged.

"Mr Armstrong is no longer the official winner of any Tour de France races and as a result it is inappropriate and improper for him to retain any bonus payments made by SCA," Jeffrey Dorough, general counsel for the firm, said on Monday in a telephone interview.

On Monday in Geneva, the International Cycling Union (UCI) officially backed the US Anti-Doping Agency's decision to effectively erase Armstrong's cycling record, including the seven Tour de France titles he won from 1999-2005.

USADA this month released a devastating dossier on Armstrong, putting him at the heart of the biggest doping programme in the history of sport.

Dorough confirmed that SCA was seeking $7.5m (R64.8m) paid out to Armstrong after a 2006 arbitration proceeding, which included a $5m bonus as well as legal fees and interest.

During Armstrong's era of dominance, US Postal Service team parent company Tailwind Sports took out a policy with SCA, paying a premium to cover bonuses paid to Armstrong for his Tour de France victories.

When SCA withheld a $5m (R43.2m) bonus due after Armstrong's sixth Tour de France win in 2004 because of the doping allegations made in the book "LA Confidential," Armstrong took successful legal action.

Armstrong won that case, on the basis that the original contract between SCA and Tailwind Sports did not include any stipulations about doping.

Velonation reported that SCA in fact paid a total of $12m to Armstrong in bonuses over the years.

"The only figure I can confirm is the $7.5m paid to Mr Armstrong in 2006 pursuant to the arbitration," Dorough said, but added: "Any sum that was paid by SCA would be in play."

Read more on:    lance armstrong  |  cycling
NEXT ON SPORT24X

Stevenson KOs Sukhotsky

2014-12-20 11:08

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
33 comments
Add your comment
Comment 0 characters remaining
Live Video Streaming
  • Blitz
    Mon, 24 Nov 2014 @00:00
  • SS1
    Mon, 24 Nov 2014 @01:00
  • SS2
    Mon, 24 Nov 2014 @02:00
  • SS3
    Mon, 24 Nov 2014 @03:00
Video Highlights
Sport Talk

Live scoring

 

Joburg hot spots for cocktails, craft beer, tapas and wine!

It’s the season to be jolly – so we’ve rounded up some new Joburg hot spots!

 
 

I love summer.24

Christmas lingerie to make this festive season the best one ever!
13 things you might not know about Disneyland
The craziest deaths of 2014
How to make this a sensual, sexy summer!
 
 
/Sport
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Featured

Got something you'd like to get off your chest? Got a burning desire to air an opinion? If so, be sure to sign-up on Sport24's FORUM!

Latest blogs
Vote

Besides the 'Big 3' of rugby, cricket and soccer, which of the 'smaller' sports in South Africa do you enjoy the most?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

Newsletters Sign up for the Morning Glory, Super 15 and Soccer newsletters

WIN Enter and win with Sport24!

Mobile Sport24 on your mobile phone - WAP, alerts, downloads, services

Forum Have your Say on Sport24's brand new Forum!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

Blogs Yes your opinion counts. Get it out there

 
There are new stories on the homepage. Click here to see them.